Elina Pienimäki

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Elina Pienimäki
Wulff
CEO

Elina Pienimäki has been CEO of European business products reseller Wulff since 30 September 2019. She joined the business with a strong M&A brief and this came to fruition with the 2021 acquisition of Staples Finland.

For more details on Wulff and Elina Pienimäki, read the following:

2022

Big Interview with Elina Pienimäki

Cost increases hit Wulff’s margins

Wulff reports best-ever Q1

Wulff CEO hails “fantastic” year

Wulff expands in financial services

2021

Wulff sets ambitious targets

Wulff completes Staples combination

Wulff provides Staples update

Deal announced for Staples Solutions’ operations in Finland

Positive numbers for Wulff

Upward momentum continues at Wulff

PPE and cleaning products drive Wulff growth

Background information

2022: When Elina Pienimäki was drafted in to the top job at Wulff, external growth was very much part of her brief. That was achieved in spectacular fashion in 2021 when the reseller paid what appeared to be a bargain price of €6 million ($7 million) for Staples Finland. Overnight, that virtually doubled Wulff’s annual revenue to around the €100 million mark and enabled it to go toe-to-toe with Lyreco in the Finnish contract market.

Now, the 42-year-old has set another ambitious target: to again double the company’s top line over the next five years. She has already chipped away at that goal by expanding into the business services sector – including the January 2022 acquisition of Finland-based Carpentum for almost €1 million. But she no doubt has her eye on bigger fish, and it would not be a surprise to see Wulff looking to expand outside of its home market.

2019: Heikki Vienola, Chairman of European reseller Wulff, has finally handed over the reins of CEO after he stepped into the position two years ago following the departure of Kimmo Laaksonen.

Elina Pienimäki took over from Vienola on 30 September, joining from accounting and financial firm Aallon Group where she was also CEO. Her previous roles include CFO of Ahlsell and she is no stranger to Wulff, having been Group CFO of the reseller from 2014-2017.

Pienimäki takes over at a time when the company is finding its feet again in terms of strategy and financial stability. For the first six months of this year, sales were €29.2 million ($32 million), a year-on-year improvement of 4.3%, mainly due to last year’s acquisition of the Canon Business Centre printing services business in Helsinki, Finland. Although Wulff’s H1 EBIDTA figure of €900,000 was a staggering increase of 80% over the prior year, it was mainly attributed to the adoption of the IFRS 16 lease reporting standard. However, if the second half of the year retains this positivity, it should bode well heading into 2020.

Later this year, the reseller is scheduled to move from Vantaa into its new head office and logistics premises located in Finland’s second-largest city and municipality, Espoo.